ces Ajax Corporation purchased at book value 70 percent of Beta Corporation's ownership and 90 percent...

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ces Ajax Corporation purchased at book value 70 percent of Beta Corporation's ownership and 90 percent of Cole Corporation's ownership in 20X5. At the dates the ownership was acquired, the fair value of the noncontrolling interest was equal to a proportionate share of book value. There are frequent intercompany transfers among the companies. Activity relevant to 20X8 follows: Year Producer 20X7 Beta Corporation 20X7 Cole Corporation 2088 Ajax Corporation 20X8 20X8 Beta Corporation Cole Corporation Production Cost $ 48,000 108,000 39,000 111,000 51,000 Buyer Ajax Corporation Beta Corporation Beta Corporation Cole Corporation Ajax Corporation Transfer Price $ 54,000 120,000 Unsold at End of Year Year Sold $ 18,000 30,000 20X8 20X8 11,800 20X9 20,000 20X9 23,000 20X9 59,000 120,000 69,000 For the year ended December 31, 20X8, Ajax reported $98,000 of income from its separate operations (excluding income from intercorporate investments), Beta reported net income of $55,500, and Cole reported net income of $24,000. Required: a. Compute the amount to be reported as consolidated net income for 20X8. Note: Do not round intermediate calculations. Consolidated net income b. Compute the amount to be reported as inventory in the December 31, 20X8, consolidated balance sheet for the preceding items. Note: Do not round intermediate calculations. Inventory c. Compute the amount to be reported as income assigned to noncontrolling shareholders in the 20X8 consolidated income statement. Note: Do not round intermediate calculations. Income assigned to NCI ces Ajax Corporation purchased at book value 70 percent of Beta Corporation's ownership and 90 percent of Cole Corporation's ownership in 20X5. At the dates the ownership was acquired, the fair value of the noncontrolling interest was equal to a proportionate share of book value. There are frequent intercompany transfers among the companies. Activity relevant to 20X8 follows: Year Producer 20X7 Beta Corporation 20X7 Cole Corporation 2088 Ajax Corporation 20X8 20X8 Beta Corporation Cole Corporation Production Cost $ 48,000 108,000 39,000 111,000 51,000 Buyer Ajax Corporation Beta Corporation Beta Corporation Cole Corporation Ajax Corporation Transfer Price $ 54,000 120,000 Unsold at End of Year Year Sold $ 18,000 30,000 20X8 20X8 11,800 20X9 20,000 20X9 23,000 20X9 59,000 120,000 69,000 For the year ended December 31, 20X8, Ajax reported $98,000 of income from its separate operations (excluding income from intercorporate investments), Beta reported net income of $55,500, and Cole reported net income of $24,000. Required: a. Compute the amount to be reported as consolidated net income for 20X8. Note: Do not round intermediate calculations. Consolidated net income b. Compute the amount to be reported as inventory in the December 31, 20X8, consolidated balance sheet for the preceding items. Note: Do not round intermediate calculations. Inventory c. Compute the amount to be reported as income assigned to noncontrolling shareholders in the 20X8 consolidated income statement. Note: Do not round intermediate calculations. Income assigned to NCI